Guaranteed Investment Certificates (“GICs”) in Investia Nominee Accounts – Market Value Corrections

Following the October 3 communication regarding incorrect market values in some Investia GIC nominee accounts, we have made the necessary corrections to address the discrepancies. These corrections applied to the following cases:

• Errors in GIC market value following an internal transfer transaction between nominee plans;
  
  
• Minor discrepancies in the GIC market value, for certain issuers only, where Univeris showed an extra day in the interest calculation during leap years, while some issuers did not.
  

Important note
Please note these are display errors only which do not impact your clients’ GICs with the issuer. When the GIC matures, the issuer sends us the amount corresponding to the principal and accumulated interest according to their leap-year calculation policy. 

Additionally, we would like to take this opportunity to remind you of the following:

• A client should never hold only GICs in a RRIF/LIF account. As indicated in Administrative Procedure #20, additional assets must be included to enable payment of the mandatory minimum amount. Without these assets, head office will be forced to redeem one of the GICs early, penalizing the client since interest will be lost upon redemption, which could also lead to a penalty charged by the issuer.
  
  
• Internal GIC transfers must always be carried out by head office.
  
  

Should you have any questions or require additional information regarding estate processing, please contact our Client Services Team, by email at investia@investia.ca, by phone at 1-888-684-5548, or use the chatbot feature available on the Advisor Centre.